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Themes of Microeconomics
?? As per Mick Jagger & the Rolling Stones, “You can’t always get what you want”.
Why Not?
?? Restricted Resources
?? Infinite Wants
?? Allotment of limited Resources and Trade-offs
?? In a market economy
?? In a planned economy
?? Microeconomics and Optimal Trade-offs
1. Consumer Theory
2. Workers or labours
3. Theory of the Firm
?? Microeconomics and Prices
– The function of cost in a market economy
– How prices are calculated
Microeconomics vs. Macroeconomics
Microeconomics is the basis of macroeconomic analysis.
why the production curve is bowed outwards
Purchasing Power Parity (PPP): The exchange rate is determined by the relative purchasing power of currency withineach country. For example, if a product X costs Rs. 100 in I
The State of Confidence in Conventional Judgements : While individuals fall back on conventions to guide their behaviour in the face of uncertainty, they are also aware that th
Price Elasticity of Demand is explained below: Price elasticity of demand/require is the percentage change in the quantity demanded with respect to the percentage change in the
What is a natural monopoly Define natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to fully exploit them. MC and AC
The prevention of major swings in economic activity can be handled most easily by the
The minimum wage was increased in 1996 amid cries by various economists that it would cause unemployment. Critics shown that the last time the minimum wage went up the si
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
1) What are the most important challenges that economists try to address? (2) What is the role of government in a market based economy? (3) Who are the main economic players
Is economics an art or a science
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